Russian Ruble Climbs to Strongest Level Against Dollar Since February 2023

The Central Bank of Russia set the official exchange rate for the US dollar at 73.79 rubles for May 14, marking the strongest level of the Russian currency against the dollar since February 14, 2023. The euro also weakened against the ruble, falling to 87.37 rubles — its lowest level since June 8, 2023. Meanwhile, China's yuan dropped to 10.85 rubles, the lowest exchange rate recorded since December of last year. Energy Export Revenues Strengthen the Ruble The strengthening of the Russian currency comes amid growing foreign-currency sales by oil and gas exporters. Rising global energy prices have sharply increased export revenues for Russian commodity producers, boosting demand for the ruble on the domestic market.